With Record Low Home Mortgage Rates Why Are Consumers Waiting
Home mortgage rates have not been this low in nearly fifty years, yet the volume for home loan applications has been declining over the last few months. Home prices are affordable again for thousands of families. Freddie Mac, said in a recent statement that “too many qualified borrowers are sitting on the sidelines because of misinformation about the new guidelines for getting approved for a home loan.” Patricia McClung of Freddie Mac said, “Not only are home loan rates low but also with house prices coming down and stabilizing like they are in many regions.” She continued, “There really are opportunities to become a homeowner.” But not all new homebuyers know what is needed to seize this home financing opportunity.
Home Mortgage Rates starting at 4.125%
According to McClung there are also some local housing financing agencies still providing homebuyer down-payment assistance. “There are a lot of home loan options to getting someone in their home today with as little as 5% down,” McClung said. In order to make sure you can take advantage of this opportune time, McClung says it is important to know how to be prepared. She says lenders are looking for a little more than they were a few years ago. “Today somebody interested in a mortgage loan must keep track of their income documentation, their tax information from the last couple of years,” McClung said. “They also need to make sure that they have stable monthly income and that they can verified with acceptable documentation, like pay-stubs, W-2′s 10-40;s etc. To be sure that this mortgage lender is going to be comfortable it is imperative that you demonstrate the ability to afford the new mortgage payment for the near future.” In most cases, no income verification loans are unavailable.
VA loans enable borrowers to get a 100% no moneydown mortgage, but you must qualify for the VA loan eligibility. FHA mortgage loans allow borrowers to put a down-payment as little as 3.5% of the home sales price and most conventional lenders are asking for a 20% down-payment.
Affordable Home Loans
Please complete the following form below and one of our Nationwide Loan Officers will follow up with some information at no cost and no obligation.
« Low Mortgage Rates for First Time Home Buyers | Home | Home Mortgage Rates Fall Again »
Leave a Comment